16 September 2016
Sydney, 15 September 2016: The Australian Bankers’ Association has welcomed the Australian Securities and Investments Commission’s guidance on customer remediation programs released today.
“We are pleased that ASIC has confirmed in its guidance that remediation programs can apply to all financial advice and products,” ABA Executive Director – Retail Policy Diane Tate said.
“It is important that customers who are impacted by inappropriate advice are treated in a consistent way, irrespective of the type of advice received or the financial product.
“For example, remediation programs can apply in relation to basic banking products, not just with financial advisers giving advice on complex products,” Ms Tate said.
ENDS
Contact: Stephanie Arena 0477 470 677
@austbankers
bankers.asn.au
Latest news
ANZ CEO Nuno Matos has been appointed as the new Chair of the ABA Council, as banks continue their focus on meeting the needs of customers as well as playing a crucial role in the Australian economy. At the ABA’s Annual General Meeting today in Melbourne, ING CEO Melanie Evans was also reappointed as Deputy… Read more »
The ABA welcomes today’s release of draft industry designations and framework for scams code obligations for banks, telecommunication companies and digital platforms – reinforcing the importance of an ecosystem approach in the fight against scammers. ABA CEO Simon Birmingham said the draft materials were the next piece of the puzzle in ongoing efforts to drive… Read more »
E&OE Radio Interview ABC Pacific Beat 28 November 2025 Topics: Loan scams impact seasonal workers; Scam protection tips Host: Welcome back to Pacific Beat. Seasonal and PALM scheme workers in Australia are being advised to stay vigilant and not share their personal details with anyone. It follows an alert issued by Commonwealth Bank warning about scams targeting seasonal workers…. Read more »